In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has continued its remarkable run and is storming 1.45% higher to 6,432 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Bingo Industries Ltd (ASX: BIN)
The BINGO share price is down 1% to $2.65 following the release of its annual general meeting update. The waste management company’s update was reasonably downbeat, with management continuing to expect COVID-19 headwinds to impact its business in 2021. In light of this, it expects its group EBITDA margin to decline by approximately 2% to 3% in FY 2021.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price has fallen 3% to $5.61. Investors have been selling the gold miners again on Wednesday despite a small rebound in the price of the precious metal. It appears as though safe haven assets are losing their allure due to the prospect of a working COVID-19 vaccine being released soon. The S&P/ASX All Ordinaries Gold index is down 1.7% today.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price has tumbled 5% lower to $44.18. The catalyst for this has been a broker note out of Macquarie this morning. According to the note, the broker has downgraded the retailer’s shares to a neutral rating and cut the price target on them to $49.50. It believes consumer behaviour will return to normal in 2021 due to the aforementioned vaccine.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price has dropped 3% to $10.02. This also appears to have been driven by a broker downgrade. Analysts at Morgans have downgraded this retailer’s shares to a hold rating and reduced the price target on them to $11.78. While it is expecting a strong holiday period, it believes a redirection of spending (post-vaccine) will slow its growth in 2021.
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More reading
- ASX 200 up 1.3%: CBA Q1 update, tech shares rebound, JB Hi-Fi sinks
- The Bingo (ASX:BIN) share price dips on AGM
- Why the JB Hi-Fi (ASX:JBH) share price is down 7% today
- Gold shares tumble on vaccine news
- 5 things to watch on the ASX 200 on Tuesday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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